Go ltd., get your current contract checked to see if it is really inside IR35, make sure your next contracts are outside IR35.
IR35 is utterly irrelevant to running more than one contract at a time. Why did you think otherwise? It is only about paying maximum employer's and employee's NI to HMRC.
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Previously on "Newbie seeking help confused with IR35 and ad hoc work"
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If you really are going to use your limited more in future, you can join the PCG and if you have the plus membership, you can get queries answered about IR35, commercial law and a lot of other things on the helpline.
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I would say if inside IR35 the hassle of operating it through your Ltd. is not worth it, and you're better off just using an umbrella. If you just use your Ltd. for ad hoc work, that makes it as simple as simple can be (which is still not that simple), but you won't need to worry about VAT or PAYE, just the year end accounts and corporation tax return - which you do online by filling out a PDF. Obviously if you feel you need an accountant to do it for you, then that's up to you, but you'll be paying them to do something you can easily do yourself.
But if you want to operate completely through your Ltd., then from the sound of it it would be advisable to use one of the full service contracting accountants.Last edited by VectraMan; 2 April 2013, 09:19.
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Hi again,
Thank you for your comments, I don't really want my Umberella handling all my money as I am always chasing payments and pretty much doing it myself.
I have MY OWN LTD company set up, I am not that confident with all the accountancy side of things just yet, I currently pay £27 a week for my umbrella :S
My contract of employment is with the Umbrella Co so I am guessing once I go LTD it will be with MY OWN LTD company.
The work is also through an agency, so I will be directly invoicing them.
Is it worth me going alone and having an accountant do my taxes etc or is it far too stressful and not that beneficial to do it alone?
Many thanks
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Originally posted by Apox21 View PostAs inside IR35 on both contracts
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Originally posted by cojak View PostFlipping heck, you know some expensive accountants then!
Personally I would not let anyone be in control of MY money apart from MyCo Ltd, but if the OP has to ask the question then umbrella is the way to go for him.
Good answer though
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Originally posted by Apox21 View PostAs you're using an Umbrella, you are paying PAYE as a FTE so IR35 etc. not an issue. Only you can decide if its worth going Ltd. As inside IR35 on both contracts I'd stay with the umbrella. Let them deal with all the hassle/detail of being in business for you! They charge about the same as a decent accountant.
Personally I would not let anyone be in control of MY money apart from MyCo Ltd, but if the OP has to ask the question then umbrella is the way to go for him.
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Originally posted by Apox21 View PostAs you're using an Umbrella, you are paying PAYE as a FTE so IR35 etc. not an issue. Only you can decide if its worth going Ltd. As inside IR35 on both contracts I'd stay with the umbrella. Let them deal with all the hassle/detail of being in business for you! They charge about the same as a decent accountant.
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As you're using an Umbrella, you are paying PAYE as a FTE so IR35 etc. not an issue. Only you can decide if its worth going Ltd. As inside IR35 on both contracts I'd stay with the umbrella. Let them deal with all the hassle/detail of being in business for you! They charge about the same as a decent accountant.
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Newbie seeking help confused with IR35 and ad hoc work
Hi all,
I am currently inside IR35 on a mon-fri 9-5 contract, reporting to a line manager etc..
I also get offered ad hoc work occasionally with another company.
These would both individually invoiced under my umbrella company.
My concern, is this ok to do? As I am inside IR35 :S
If so would it make more sense to go LTD?
Any advice is greatly appreciatedTags: None
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